Independent assessment distant, says Norman

Widespread independent assessment of private equity portfolio valuations is still some way off, according to Shane Norman, co-founder and chief rating officer of RCP & Partners, a rating agency for asset management firms. Quoted private equity vehicles, such as 3i, are subject to audits, but otherwise funds tend to use industry guidelines and value their portfolios themselves. Norman said: 'The pressure will come from the investors in the asset class. You can guarantee there will be one fund that breaks ranks and calls in the auditors to get the business.' However, there is also concern that none of the big five accountancy...